Loan Guarantees for Native Hawaiian Housing (14.874)
Program
14.874 Loan Guarantees for Native Hawaiian Housing
Federal Agency
PUBLIC AND INDIAN HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Authorization
Hawaiian Homelands Homeownership of 2000, Section 514, Public Law 106-569, Housing and Community Development Act of 1992, Section 184A.
Program Number
14.874
Last Known Status
Active
Objectives
To provide eligible Native Hawaiian families with greater access to private mortgage resources by guaranteeing loans for one-to four family housing located on Hawaiian Home Lands.
Types of Assistance
Guaranteed/Insured Loans.
Uses and Use Restrictions
A loan guaranteed under this part may only be used to construct, acquire, or rehabilitate eligible housing. The housing must be located on Hawaiian Home Lands for which a housing plan has been determined by HUD to be in compliance with the interim regulation.
Eligibility Requirements
Applicant Eligibility
A Native Hawaiian family; the Department of Hawaiian Home Lands; the Office of Hawaiian Affairs; a private nonprofit organization experienced in the planning and development of affordable housing for Native Hawaiians.
Beneficiary Eligibility
Native Hawaiian homeowners.
Credentials/Documentation
Individual Loan Applicants must meet the definitions of Native Hawaiian and provide the eligible lender with documentation of that eligibility, assets, income, debts and liabilities to show ability to obtain and repay the loan.
Application and Award Process
Preapplication Coordination
None. This program is excluded from coverage under E.O. 12372.
Application Procedure
Applications are submitted to eligible financial institutions. With the loan application, the homebuyer submits documentation such as pay stubs, W-2 forms, tax returns, evidence of assets such as bank accounts, and any other documentation requested by the lender to support the applicant's ability to obtain and repay the mortgage. The lender will verify the eligibility of the land status.
Award Procedure
The financial institution obtains and reviews all documentation and submits it to HUD. HUD is responsible for assuring the individual applicants Native Hawaiian eligibility, land status per Section 204 of the Hawaiian Homes Commission Act, housing acceptability and the creditworthiness of the applicant. HUD has responsibility for the approval or disapproval of the applicant and the issuance of the Loan Guarantee.
Deadlines
None.
Range of Approval/Disapproval Time
Appeals
Applicants whose loans are disapproved may appeal the disapproval if the applicant provides satisfactory, additional documentation to resolve the issues which led to the disapproval.
Renewals
Not applicable.
Assistance Considerations
Formula and Matching Requirements
The loan amount will not exceed 97.75% of the appraised value of the property or 98.75% if the value of the property is $50,000 or less.
Length and Time Phasing of Assistance
The loan term shall not exceed thirty years. Processing time of the individual loans will depend on the quality of the lenders submittal and HUD's ability to ascertain proper land and lease status.
Post Assistance Requirements
Reports
Lenders will be required to report loan delinquencies on a quarterly basis.
Audits
Participating lenders will be subject to review and closed loan files are subject to review to assure compliance with the requirements of Section 184A.
Records
Copies of loan files will be maintained by HUD. The originating lender must maintain copies of the guaranteed loan file for 2 years after loan closing. The servicing lender must maintain the loan file for the life of the loan plus 3 years.
Program Accomplishments
Not available.
Financial Information
Account Identification
86-0233-0-1-371.
Obligations
(Loan Guarantee Limitation) FY 02 $0; FY 03 est $39,712,000; and FY 04 est $35,348,000.
Range and Average of Financial Assistance
Not available.
Regulations, Guidelines and Literature
24 CFR Parts 1006 and 1007.
Related Programs
14.865, Public and Indian Housing Loan Guarantee Program.
Information Contacts
Regional or Local Office
None.
Headquarters Office
Sherone Ivey, PIH/Office of Native American Programs, 451 7th Street, SW, Room 4126, Washington, DC 20410. Telephone: (202) 401-7914 ext. 4200.
Web Site Address
Examples of Funded Projects
None.
Criteria for Selecting Proposals
Not applicable.
